Wall Street's IPO frenzy intensified on Wednesday as a pair of new issues --
-- tripled in price during their first day of trading.
Shares of Agency.com, an Internet consulting and advertising company, were up 52 3/4, or 203%, to 78 3/4 by midafternoon after trading as high as 98. (Agency.com ended up 50, or 194%, to 76.)
The New York-based company raised $153.4 million on the sale of 5.9 million shares at a price of $26. Those shares are now valued at more than $450 million.
Goldman Sachs & Co.
managed the deal.
Shares of Andover.net, a provider of online tools for software and Web site developers, were up 47 1/2, or 264%, at 65 1/2, just off their high of 66. (Andover.net settled up 45 3/8, or 253%, to 63 3/8.)
The company, based in Acton Mass., sold 4 million shares at an initial price of $18, raising $72 million. Those shares are now valued at $242 million.
W.R. Hambrecht & Co.
was the lead underwriter for the deal.
The soaring prices following the wave of IPO euphoria that washed over Tuesday's markets, when
virtually tripled in price. Moreover,
, which is expected to begin trading on Thursday, took the extraordinary step of nearly tripling its expected initial price range on Tuesday to $40 to $42 a share.
Agency.com last week doubled the range of its initial offering price to $22 to $24 a share but finally priced the offering at $26. Andover.net raised its offering price to the high end of the expected $15 to $18 range.